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Energy
24 May 2024
Two more years for Eraring power station
The NSW Government has secured an agreement with Origin Energy to operate the Eraring Power Station until August 2027, ensuring a smooth transition from coal-fired power to renewable energy.
This agreement guarantees a minimum electricity supply until 2027, mitigating energy reliability risks identified by the Australian Energy Market Operator (AEMO). NSW will not make upfront payments but has established an underwriting arrangement with Origin.
If Origin opts in, it must decide by March of 2025 and 2026, share up to $40 million of profits annually, and claim no more than 80 per cent of losses, capped at $225 million yearly.
Eraring must generate at least six terawatt hours yearly and maintain its workforce of 220 people.
Recent AEMO Report highlights Increased Reliability Risks
The Australian Energy Market Operator (AEMO) has released an update to its 2023 Electricity Statement of Opportunities (ESOO) report.
The update presents a 10-year outlook on the reliability of the National Electricity Market (NEM).
Since the publication of the 2023 ESOO last August, there have been significant updates affecting reliability risks.
These updates include delays in the new commissioning dates for Project Energy Connect and the mothballing of gas and diesel generators in South Australia.
Compared to the 2023 ESOO central scenario, reliability risks will increase in NSW and Victoria from 2024-25 to 2027-28 and SA during 2026-27.
AEMO forecasts these risks despite an additional 4.6 gigawatts of new generation and storage projects.
Urgent investments in capacity in the NEM are needed to manage reliability risks.
Australian Energy Regulator Releases Draft Determination on Default Market Offer for 2024-2025
The Australian Energy Regulator has released its draft determination on the Default Market Offer (DMO).
The DMO is the maximum price that retailers charge electricity customers on default or standing offer contracts.
It is the sixth determination by the DMO and will apply to electricity prices during 2024-25.
For small business customers, prices will reduce between 1 per cent to 9 per cent.
In NSW, prices will reduce between 1 per cent to 8 per cent (5 per cent to 12 per cent below forecast inflation); in SA, the decrease will be around 9 per cent (13 per cent below forecast inflation), and in Queensland, small businesses can expect an increase of around 1 per cent.
The federal and Queensland governments have announced electricity bill rebates for households and some small businesses to assist with energy costs.
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